Bill Gates to give away wealth in next 20 years

Bill Gates says he will give away all his wealth over the next two decades and close the Gates Foundation permanently in 2045.

It's a big change for the foundation which, when established in 2000, was done so with the charter that it would continue for several decades after the death of Gates and his then wife, Melinda.

Now, Gates says he has realised the foundation can achieve its goals much sooner if it doubles down on key investments and offers its partners more certainty.

"Over the next two decades, we will double our giving. The exact amount will depend on the markets and inflation, but I expect the foundation will spend more than US$200 billion between now and 2045. This figure includes the balance of the endowment and my future contributions," Gates said.

"Over the next 20 years, the Gates Foundation will aim to save and improve as many lives as possible. By accelerating our giving, my hope is we can put the world on a path to ending preventable deaths of moms and babies and lifting millions of people out of poverty. I believe we can leave the next generation better off and better prepared to fight the next set of challenges."

He said the foundation's giving over the next two decades will be guided by three key aspirations: that no mother, child or baby dies of a preventable cause; the next generation grows up in a world without deadly infectious diseases; and millions of people break free from poverty, putting more countries on the path to prosperity.

These will be achieved through vaccine and treatment development, and through enhancing access to education and high-quality nutrition sources.

In relation to infectious diseases, Gates said he expects polio and Guinea worm will be eradicated in the next couple of years, and that by the time the foundation closes, malaria and measles will also be added to that list. He also believes there will be even more progress made in the treatment of HIV/AIDS and tuberculosis.

On education, he said it remains the number one focus of the foundation in the US. The foundation is funding initiatives to increase graduation rates and providing support to public schools, particularly to assist in overcoming barriers facing Black and Latino students.

The foundation is also working with farmers to develop new, more resilient seeds to continue to yield crops as more difficult climate conditions are experienced, and is funding public digital infrastructure to ensue people always have access to financial and social services that foster an inclusive and equitable economy.

"As Microsoft turns 50 years old, it feels right that I celebrate the milestone by committing to give away the resources I earned through the company," he said.

"A lot can happen over the course of 20 years. I want to make sure the world moves forward during that time. The clock starts now-and I can't wait to make the most of it."